Ruto should convert Hustler Fund loans to grants - Sifuna

Nairobi Senator Edwin Sifuna has said that President William Ruto should convert the Hustler Fund loans to grants he had promised.

In a statement on Saturday, Sifuna said that that the President should keep his promises.

"Help Ruto keep his own promises. Convert that loan into the grant he promised. He will do you nothing. Happy Sabbath," he said.

Sifuna is among Azimio leaders who have poked holes into the Sh50 billion Hustler Fund saying it is not what Ruto promised Kenyans during campaigns.

The leaders said that Hustler Fund does not mirror what the Kenya Kwanza administration promised to voters.

President Ruto launched the Hustlers Fund at the Green Park terminus in Nairobi on Wednesday.

He outlined three objectives of the fund, which are mainly to create jobs, strengthen the economy and empower investors both domestically and internationally.

The funds, which are available to individuals, groups, small enterprises and co-operatives will be offered at a one-digit interest rate of eight per cent per annum.

The fund is specifically designed to support small-scale traders in the country.

To access the fund, Kenyans can dial *254# on their mobile phones.

During the launch, borrowers were warned against defaulting with the State issuing strict measures to curb the same.

Those who default on the loans will see their interest rates increase from 8 per cent to 9.5 per cent

If a customer will not have paid the loans within the required time, they will be added an extra 15 days, before the increment of the interest rate. 

The borrowers who default will also have their Hustler Fund account frozen. 

A total of Sh1,381,747,777 of the Hustler Fund has been disbursed to Kenyans as of Friday midnight.

Cooperatives and MSMEs Cabinet Secretary Simon Chelugui said that 5,191,542 customers have opted in for the Hustler Fund.